Nuveen Investments Announces Completion of Closed-End Fund Mergers

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the mergers of four Florida closed-end funds into their respective Nuveen national closed-end municipal bond funds were completed after the close of business on October 16, 2009.

The closed-end funds have been merged as follows:

    
      
        
          Nuveen Insured Florida Premium Income Municipal Fund (NFL)
        
      
      
        
          

Merged into

        
      
      
        
          Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
        
      
      
        
           
        
      
      
        
          Nuveen Florida Investment Quality Municipal Fund (NQF); and
        
      
      
        
          Nuveen Florida Quality Income Municipal Fund (NUF)
        
      
      
        
          

Merged into

        
      
      
        
          Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
        
      
      
        
           
        
      
      
        
          Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
        
      
      
        
          

Merged into

        
      
      
        
          Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)
        
      
    
    

In the mergers, NIO, NPM and NEA acquired substantially all of the assets and liabilities of the Florida funds with which they were merged in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on October 16, 2009, with Florida fund shareholders receiving national shares of equivalent total net asset value.

The exchange ratio at which common shares of each Florida fund were exchanged for common shares of their respective national fund is listed below:

Fund Exchange Ratio

Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) 1.01988494 common shares per NFL common share

Nuveen Premium Income Municipal Fund 2, Inc. (NPM) 0.97404707 common shares per NQF common share

Nuveen Premium Income Municipal Fund 2, Inc. (NPM) 1.00062326 common shares per NUF common share

Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) 0.96498795 common shares per NWF common share

MuniPreferred shareholders of each Florida fund received an equivalent number of MuniPreferred shares of the same series of their respective national fund based upon their liquidation preference of $25,000 per share.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $128 billion of assets on June 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.